Assessment of certain commercial property.

Establishes certain assessment requirements for commercial property with a structure that is not more than 100,000 square feet in area and that is: (1) used for retail purposes; (2) a maintenance or service shop; and (3) detached or offsite storage property or facilities used in relation to those uses. Requires the assessor to annually determine the assessed value of those properties using each of the following approaches: (1) Cost approach. (2) Sales comparison approach. (3) Income capitalization approach. Requires the assessor to use the department of local government finance cost schedules without additional modifiers, adjustments, or other trending factors beyond the location cost multiplier adjustments developed by the department. Prohibits the use of locally developed cost schedules, location cost multipliers, and market or trending adjustments. Requires the assessor to report to the taxpayer each of the values under the three approaches. Provides that the assessor has the burden of proof to establish that the assessed value of the property is the lowest value under the three approaches. Requires the assessor making the assessment to personally provide an explanation to the taxpayer concerning how the assessed value of the property was calculated if requested.